Malaysia to cut oil output by 15,000 barrels per day, says Azmin

KUALA LUMPUR: Malaysia will reduce its total oil output by 15,000 barrels per day (bpd) in line with the proposal by the oil-producing countries to support oil prices, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said on Sunday.

In a statement, he said this was revised from an earlier cut level of 20,000 bpd as part of a previously agreed arrangement that expires at the end of this year.

He said Malaysia’s commitment to reduce the oil output was in line with the 5th Opec and non-Opec Ministerial Meeting in Vienna, Austria where oil producers agreed to 1.2 million bpd for the next six months from the current 1.8 million bpd.

“Even though we are a small oil producing country, Malaysia stands in solidarity with oil producing countries in pursuing the strategic objective of achieving global market stability in the interest of all oil producers and consumers, taking into consideration the prevailing market conditions and prospects.

“Malaysia views highly of this collaboration to strengthen cooperation between members of Opec and non-Opec countries to face challenges posed by the global market,” Azmin said.

Azmin said the commitments made under this proactive collaboration between participating countries were to be voluntarily implemented, non-binding and would not in any way affect the rights of peoples and nations to permanent sovereignty over the exploitation and management of their natural resources.

The global market reacted positively when oil prices climbed at the conclusion of the meeting, he said.